14.09.2017

Zugemailt von / gefunden bei: Baader Helvea (BSN-Hinweis: Lauftext im Original des Aussenders, Titel (immer) und Bebilderung (oft) durch boerse-social.com aus dem Fotoarchiv von photaq.com)

Our conclusion

    The 2Q numbers came in below expectations. Merger costs and FX effects had a negative effect in the amount of EUR 21.8mn. More important in the expected closing of the takeover of the majority of Magnesita end of October. This means the start of the trading in London is also expected end of October. 

    Looking through the merger dust. Our recommendation is based on the possible earnings creation of the new company when most of the integration is done. In our base case, we calculate that the new RHI Magnesita can achieve an EPS of at least EUR 4.00 per in 2020. In a best-case scenario, EPS could exceed EUR 5.50 per share. With the listing on the London Stock Exchange we expect attention for the new market leader in the international refractory market to grow.

Facts & Analysis

    RHI reported an operating profit of EUR 59mn down vs. the EUR 70.2mn the year before. Costs in the amount of EUR 12.6mn are related to the merger with Magnesita and EUR 9.2mn are negative FX effects. Excluding these effects the operating profit would have reached EUR 80.8mn.

Company im Artikel

RHI

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